ABG Shipyard Limited, one of the India’s largest private sector shipyard firm, has been booked in a bank fraud case by the Central Bureau of Investigation (CBI). On Saturday, the CBI filed a case against ABG Shipyard and its then chairman and managing director Rishi Agarwal, and others for allegedly defrauding 28 banks of Rs 22,842 crore.
Officials have also informed that besides Agarwal, the agency has also named the then executive director Santhanam Muthaswamy, directors Ashwini Kumar, Sushil Kumar Agarwal and Ravi Vimal Nevetia and another company ABG International Pvt Ltd for alleged offences of criminal conspiracy, cheating, criminal breach of trust and abuse of official position under the IPC and the Prevention of Corruption Act.
ABG Shipyard Ltd is the flagship company of the ABG Group which is engaged in shipbuilding and ship repair. The shipyards are located in Dahej and Surat in Gujarat.
It is one of the biggest bank fraud (bigger than Punjab National Bank scam involving Nirav Modi and Mehul Choksi) cases which the CBI will be investigating.
In the FIR filed on complaint of State Bank of India (SBI), the forensic audit report revealed that from April 2012 to July 2017, the accused colluded with each other and committed illegal activities including diversion of funds, misappropriation, and criminal breach of trust and for purposes other than for the purpose for which the funds are released by the bank.
According to a complaint by the State Bank of India, the…
